The Impact Of Economic Globalization In The World - Dissertation Example

According to Plato’s The Republic the primary purpose for the inception of society is the recognition of human insufficiency. This is based on the acknowledgment that a single person can perform better if the person focuses on performing functions of which the individual is highly efficient. From this perspective, Plato stipulated that specialization and the sharing of necessary skills are fundamental for the inception of society and its growth and development. Fast-tracking in the present, countries around the globe recognize the significance and necessity of being integrated into the global market for economic, social, and political development of particular countries.

The participation in the global market of countries is made possible by the reality of globalization. Globalisation is not a contemporary development. In fact, it has been the long part of human history. However, contemporary connotation and implication of globalization are unique in the contemporary period based on the supposition that it has the widest reach and implication (Haase, 2012Soomro et al., 2011). This means that the impact of globalization permeates all facets of global society transforming the dynamics of both local and international transactions (Gruber, 2011).

As such, economic globalization serves as the fundamental framework paving for all the other changes to transpire. 1.1.Background of the Study Globalisation has been approached and defined in various ways (Suarez-Orozco and Qin-Hilliard, 2004).